Condominium sales in Massachusetts are up 4.7 percent this year with most of the growth occuring in Boston and it's suburbs. The median price of a condo in the Bay State is up to $330,000, just beneath the price of a single family home at $340,000. Single family home sales increased just 1.7 percent, according the Warren Group.
Within city limits, condo sales rose 19.4 percent between January and October 31st. The median sale price of a condo in downtown Boston is now $885,000.
On Cape Cod where half of the homes are vacation homes, condo sales barely edged out those of single-family homes by one-tenth of a percent, 2.7 to 2.6 respectively. The median price of a condo in Barnstable County which includes all of Cape Cod except the islands, is $275,000. The single-family home median is $375,000.
Tight supply is cited as the reason for the increase. The number of new listings on Cape Cod this year is down by a significant margin-- 8.9 percent for condos, 6 percent for single-family homes.
Take a look at the stats below, and if you're thinking of selling your home in '17, let me know and I'll be happy to provide a market analysis for your place.